Typificationand Legal Regulationof Blockchain

Zhao Lei

Abstract: According to different internal structures,the blockchain technology can be divided into three types: public blockchain, private blockchain and consortium blockchain. Public blockchain is completely decentralized and a "technical trust" mechanism is formed between its participants;private blockchain is centralized and all its participants are completely dependent on the leader;and consortium blockchain is partially centralized and its participants have previously cooperated through agreement.Public blockchain forms a consensus mechanism through algorithmic competition for bookkeeping rights. The bookkeeping rights of each node in private chain are granted by the central institution. The consensus mechanism of consortium blockchain is the trust between the nodes. Consortium blockchain has the advantages of both public blockchain and private blockchain and is characterizedby diversified credit, information sharing, high efficiency and the possibility of being widely applied to all aspects of social governance. The development of public blockchain must be strictly controlled; private blockchain must be carefully supervised in light of its application fields and the legal relationships actually formed; and consortium blockchainmust be subjected to penetrating supervision.

Keywords:blockchain;typification;consortium blockchain;legal regulation


The author of this article is a research fellow at and the deputy head of the Commercial Law Department of CASS Law Institute. This article, as the initial result of the Major CASS National SituationInvestigation Project “Legal Regulation of Internet Financial Risks”, is published in Studies in Law and Business 4 (2020).